Union Government to roll out BS V norms from April 1, 2019

Union Government has decided to advance the date for implementation of Bharat Stage (BS) V and BS VI emission norms for four-wheelers in order to reduce vehicular air pollution from road transport sector.

As per advance dates,  BS V norms will be rolled out from 1st of April, 2019 and BS VI norms from 1st April, 2021.

In this regard draft notification was issued Union Ministry of Road Transport and Highways as per the Auto Fuel Policy, 2003.

About Bharat stage (BS) norms

Bharat stage (BS) norms are emission standards decided by the government to regulate the amount of air pollutants from vehicles. They were adopted in line with European regulation standard ‘Euro norms’ in 2000.

So far, 4 states of Bharat stage (BS) norms have been issued by government. In each stage certain limit is specified on the released pollutants and in the succeeding higher stages, the BS norms reduces the limit of pollutant emission.

Issued BS stages are

  • BS-I      Euro 1     2000
  • BS-II    Euro 2     2005
  • BS-III   Euro 3     2010
  • BS-IV   Euro 4     2015 (63 cities till 1 April 2015)

Earlier, Saumitra Chaudhri Committee had recommended to introduce even lesser vehicular pollutant releasing BS-V (0.005 rspm) and BS-VI (0.0025 rspm) norms throughout the nation by 2022 and 2024 respectively.


CBDT signs 11 more Unilateral Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral Advance Pricing Agreements (APAs) with Indian subsidiaries of foreign companies operating in various segments of the economy.

Of the total eleven APAs, seven were having rollback provisions in them with maximum period of 9 years, while the other four are extension agreements for future five years i.e. till 2020.

With this, CBDT so far has entered into 31 APAs (30 unilateral and one bilateral) and is now aiming to finalise another 30 to 40 APAs in order to provide stability and confidence among the foreign enterprises operating in India.

What is Advance Pricing Agreements (APAs)

APA usually is signed between a taxpayer and the central tax authority (in case of India it is CBDT) for multiple years on an appropriating transfer pricing methodology.

The APA Programme was introduced in 2012 as per the provisions of the Income Tax (IT) Act, 1961. It helps in determining the price and ensuing taxes on intra-group overseas transactions.


In the past, several Multi-National Companies (MNCs) operating in India were often accused of misusing the transfer pricing system. MNCs like Vodafone, Shell, WNS and Nokia were mainly involved in this issue by misusing the system for transferring profits to their subsidiaries in countries having low tax rates.

By signing APAs, Government is seeking to foster an environment of co-operation in matters of taxation through predictability of laws and reducing litigation cases in future. It is considered as a major push towards providing certainty to foreign investors in the arena of transfer pricing.


Rajiv Bansal appointed as CFO of OlaCabs

Homegrown app-based cab operator OlaCabs has appointed Rajiv Bansal as Chief Financial Officer (CFO) as part of its expansion drive in the country.

He will succeed Mitesh Shah who will henceforth lead strategic finance initiatives of Ola as part of Rajiv’s team.

Prior to this appointment, Mr. Bansal had worked with country’s second largest software services firm Infosys as CFO but had resigned in October 2015. Presently, he is serving as Advisor to the CEO at Infosys.

Mr. Bansal has 21 years of rich corporate experience in finance of which for 16 years he was associated with Infosys. Before joining Infosys, he had worked in different capacities at Tata Technologies, Cable & Wireless, and ABB.

About OlaCabs

  • OlaCabs (popularly known as Ola) was established by Bhavish Aggarwal (currently CEO) and Ankit Bhati in 2010 in Bengaluru (Karnataka).
  • Presently, it runs around 2 lakhs cabs in over 200 cities in India with more than 150,000 daily bookings.
  • It commands 60 percent of the market share in India’s personal transportation. In March 2015 it had acquired TaxiForSure for $ 200 million.